Variety

Chennai prices stagnate in mid-2013

Our Chennai Bureau | Updated on December 27, 2013 Published on December 27, 2013

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Property prices in Chennai have stagnated in the second and third quarter of 2013 except for some suburbs to the South, according to a report by the real estate property portal 99acres.com.

The bright side is that the prices are stable with residential property directly related to sales as the market is dominated by end-users rather than investors. Demand is primarily based on location. The market can be expanded with social infrastructure and connectivity improving to more areas.

Some of the localities where prices appreciated between the second and third quarters of 2013 are Velachery which witnessed a 25 per cent jump in prices; Guduvancheri 12 per cent; and Madipakkam and Pallikaranai about 7-8 per cent.

On the other hand property prices witnessed a drop even if marginally by 1-2 per cent in Navalur, Selaiyur and Tambaram.

The steepest drop was in Ambattur, by about 22 per cent.

On an annual basis there has been a 6 per cent growth in prices between the third quarter of the current year and the corresponding quarter last year.

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Published on December 27, 2013
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